Firm's key takaful profit hits $7.7m

MANAMA Takaful International yesterday announced that the profits achieved from its takaful operations were BD2.9 million ($7.7m) compared to BD2.1m last year, registering a growth of 39 per cent.

Growth in total written takaful insurance contributions were estimated at 7pc compared to the same period in 2008 with the contributions crossing BD15m compared to BD14m in the previous year.

Total takaful revenues earned was BD8.1m compared to BD6.7m in the same period last year.

Moreover, total shareholders and participants portfolios income increased to reach BD0.560m with a growth of 25pc compared to last year. Technical reserves reached BD13.5m, an increase of 5pc compared to 2008, and assets increased 14pc to BD27.4m.

Earnings per share improved by 39pc compared to last year.

"Our financial results state our capability and strength in dealing with the variability of Bahrain's insurance market and adapting to various financial scenarios to ensure effective market performance," Takaful International chairman Bara'a A Al Qenaei said.

"We have been able to increase our share in the insurance market by implementing successful strategies and marketing plans, in addition to our commitment in providing innovative insurance services that are in compliance with our Islamic principles."

Mr Al Qenaei said that the company has successfully increased the total paid up capital to BD6.250m. The increase will help seize insurance and investment opportunities, he added.

"The company's aspiration in implementing constructive strategies and operational expansion is strengthened by the renewed BBB rating, with a stable outlook from the reputed rating agency Standard and Poor's," Takaful International chief executive officer Younis J Al Sayed said.

"This rating assures the company's financial strength and the professionalism of its services," he added.

The company also launched centres specialised in providing takaful insurance products through the activation of all company's branches in the kingdom.

The company's financial statements, which have been approved by the board of directors, will be discussed further at the annual general meeting to be held on March 14.